West African Share Discussion Threads

[jungle jim] 15/9/2009 07:44

Rumours Curry? I haven't had a good rumour in ages, what's afoot?

[moosh2] 14/9/2009 13:37

dummy buy at 4.05p.

[currypasty] 14/9/2009 12:40

a buy at full ask, that makes a nice change

hearing a few rumours now, all good!

[moosh2] 14/9/2009 12:07

addict. you're talking to the converted!!

[father o toole] 14/9/2009 11:29

well done moosh, people are paying 4.2p for wad on the plus market now.

[moosh2] 14/9/2009 11:26

fot!! woooooooooo. am in PDF too. perhaps keep a watch on DCP. i think daily charts imminently showing a macd bullish divergence signal (generally indicative of a turnaround and general fundamentals looked ok last time i checked...). am sitting at a loss currently but i'm waiting for the definite divergence signal to happen and some buying to start trickling through (that isn't me!!)

[father o toole] 14/9/2009 11:18

looks like diamond producers are coming back in favor, PDF currently up 18%

[5dally] 14/9/2009 11:06

Think with Rio Tinto to Resume Work on Diamond Mine it will have had a positive effect on WAD all IMO

[father o toole] 14/9/2009 11:06

kk, keep buying

[moosh2] 14/9/2009 11:05

wooooooooooooo!!!!

[kemorkid] 14/9/2009 11:02

You dippin into parish funds again Rev.

[father o toole] 14/9/2009 11:00

thats more like it, nice rise, i wonder have the mms heard something?

[currypasty] 14/9/2009 10:56

3 market makers turned blue

[5dally] 14/9/2009 08:34

Nice floor to get in at IMO




Rio Tinto to Resume Work on Diamond Mine Expansion Next Year
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By Rebecca Keenan

Sept. 14 (Bloomberg) -- Rio Tinto Group, the world's third- largest mining company, will resume work on the A$1.8 billion ($1.5 billion) expansion of its Argyle diamond mine next year as global jewelry demand recovers.

Underground production at the world's largest diamond mine should start in 2013, Argyle Chief Operating Officer Kevin McLeish said today in an interview from Perth. Work on the expansion was slowed to a minimum in January, he said.



Diamond prices are rebounding after a slump that slashed profits at ZAO Alrosa, London-based Rio and De Beers. All three producers have restarted mines and processing capacity in the past three months in anticipation of economic recovery in the U.S. and growing jewelry demand in China and India.



"There are some positive signs of recovery," McLeish said. "Given the price and recovery forecast, we will see a significant improvement in the performance of the diamond group within Rio through 2010."

Rio declined 1.4 percent to A$58.38 at 1:21 p.m. Sydney time on the Australian stock exchange. Diamonds and copper accounted for 32 percent of Rio's operating income last year.

Hiring for the expansion will commence in the second half of next year, McLeish said.

Output from the Argyle mine slumped 86 percent in the June quarter from a year ago to 408,000 carats because of the shutdown in processing facilities from January to June. The mine is now operating at full capacity of 8 million metric tons a year, McLeish said today. Argyle, in Western Australia's east Kimberley region, normally accounts for about 20 percent of annual global diamond output, according to Rio.

Price Recovery

Diamond prices have risen 4 percent from a low on March 30 after declining 26 percent from a high on Sept. 8 last year, according to the Rapaport Diamond Trade Index. The index traded at $6,882 in the week ended Sept. 8. The index is formulated from the average price for the top 25 best quality 1 carat diamonds, color between D and H and clarity between internally flawless (IF) and very small inclusion (VS2).

The world luxury-goods market has stopped worsening, Francois Pinault, the billionaire owner of the Gucci brand, said on July 31.

Rio's Argyle mine supplies 90 percent of the world's pink diamonds, used exclusively for jewelry. Those gems account for just 1 percent of total production at the mine. Much of the remainder is sold as rough, or uncut, diamonds.

De Beers, 45 percent owned by Anglo American Plc, is the largest producer of diamonds, followed by Alrosa and Rio, according to Rio Tinto.

To contact the reporter on this story: Rebecca Keenan in Melbourne at [e-mail]

Last Updated: September 14, 2009 00:34 EDT

[father o toole] 13/9/2009 20:59

evening

is this the week we get back into double figures again?

[moosh2] 12/9/2009 12:07

nice buying friday. steady and slow buying on the quiet to build up momentum prior to any upscaling news would be good. let's see. a couple of weeks to show its true colours.

[moosh2] 11/9/2009 10:50

in sympathy?! how condescending. we'll show them!!

[father o toole] 11/9/2009 09:46

morning

Any word on how production is going?

[5dally] 11/9/2009 08:14

Will we move up on the back of that late buy yesterday ?

[moosh2] 11/9/2009 07:30

sp finished breaking the 20 day upper bollinger after significant bollinger band narrowing and macd tipping up nicely. if that don't plump the flumps of people then don't know wot will!!

let's hope we've all got in and breaking even at the bottom of it all. first target 10p, second target 15p, if i can hold for longer, then 20p. will get nervous at 12p.

hoping for PDF to be nice to me too soon.

[5dally] 10/9/2009 18:17

Had not checked the eod buying moosh2,,,good to hear :-)

[moosh2] 10/9/2009 17:54

excellent buying at end of day :D

i read once that bigger buyers at end of day is a good thing!

[addict] 10/9/2009 15:32

Diamond market showing signs of improving.I think we'll hear some positive news here before long.DYOR